Brandi Pearl Thompson: 2019 Annual Housing Market Report

Wednesday, January 22, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors
The Greater Chattanooga Realtors recently released its 2019 Annual Report on the local housing market, and 2019 was a very busy year.

The average sales price was just over $238,000, which is a 6.9% increase over 2018 ($222,852).
This increase might reflect a decreased housing inventory. 10,714 homes were sold in the Greater Chattanooga area in 2018, which was a 6.8% increase over 2018 (10,034 homes).

Inventory dropped slightly from 2018.
In 2018, there were approximately 3.4 months of inventory, while that amount dropped to 2.6 months in 2019. Maintaining a consistent housing inventory is critical, which is why Realtors continue to work with our elected officials to make sure homeownership remains attainable and affordable for those in every income bracket.

The Days on Market (the average amount of time a property takes to sale) was 48 days. That is a slight decrease from 2018, which was 50 days. Just to give some perspective, the average Days on Market for 2015 was 80 days. In other words, in 2015 houses took 40% longer to sell than in 2018. That’s a fast market!

As for 2020, Dr. Lawrence Yun, chief economist and senior vice president of research at NAR, said the nation’s economic outlook is promising. “I do not foresee a recession in 2020,” he said, citing healthy consumer activity and job creation in every state.

Dr.Yun added that because the country has gone more than 10 years without one, some analysts believe the country is “due for a recession.” But Yun counters that theory, saying that current conditions are better than they were before other recessions.

“The U.S. is in need of more new housing,” he said. “Historically, anytime that we have needed to build, there was never a recession. This is an incentive for builders to start more construction. If they do, I think we will have at least 12 consecutive years of economic expansion.”

2019 was a busy market, but the Greater Chattanooga Realtors worked tirelessly for their clients in a competitive market. No one can be sure what 2020 will mean for real estate, but the Greater Chattanooga Realtors will be prepared to assist their clients; no matter what how the market behaves.

For more information on the 2019 Annual Housing report, visit gcar.net/consumer-tools.

CBL Properties Appoints Justice Wade To Senior VP Of Development And Mixed-Use Leasing

Local Habitat For Humanity Contributes To Habitat In Haiti

Residential Project Planned At Former Horse Farm On Snow Hill Road


CBL Properties announced Monday the promotion of Justice Wade to senior vice president of development and mixed-use leasing. Commenting on the promotion, CBL Properties’ President Michael ... (click for more)

Habitat for Humanity of Greater Chattanooga has tithed more than $400,000 since 1986, allowing families to stand on their own and build stronger, more stable communities around the globe, said ... (click for more)

A residential development is planned on 101 acres at a former horse farm at 6424 Snow Hill Road. Billy McCoy is the developer for Sweet Briar. There are 199 units planned, including 137 ... (click for more)


Real Estate

CBL Properties Appoints Justice Wade To Senior VP Of Development And Mixed-Use Leasing

CBL Properties announced Monday the promotion of Justice Wade to senior vice president of development and mixed-use leasing. Commenting on the promotion, CBL Properties’ President Michael Lebovitz said, “Justice has positioned himself as a well-respected leader within the industry and the CBL organization. “Since 2010, Justice has led our new development leasing and ... (click for more)

Local Habitat For Humanity Contributes To Habitat In Haiti

Habitat for Humanity of Greater Chattanooga has tithed more than $400,000 since 1986, allowing families to stand on their own and build stronger, more stable communities around the globe, said officials. Tithing is a part of Habitat for Humanity’s international program where affiliates are encouraged to contribute a portion of their undesignated cash contributions each year to ... (click for more)

Breaking News

Chattanooga Man, 31, Killed In Head-On Crash Near Elizabethton; His Vehicle Was Struck By Man Fleeing Police

A Chattanooga man who was hit head-on by a vehicle being chased by police near Elizabethton, Tn., was killed in the crash late Sunday morning. He was identified as Thomas Taylor, 31. He was driving a BMW north on U.S. Highway 19E when his vehicle was struck by a Lincoln Towncar going the wrong way at a high rate of speed. Two other people were injured in the collision at Gap ... (click for more)

Fishermen Spot Body In Ocoee River

Two fishermen spotted a body in the Ocoee River on Sunday. Polk County Sheriff's deputies were then able to retrieve a man's body around noon. It was located about 100 yards west of Big River Access. The body was sent to Knoxville for an autopsy and to seek identification. (click for more)

Opinion

Celebrate President's Day By Remembering The Wisdom Of Our Founding Fathers - And Response

Monday, Feb. 17, is President’s Day. The holiday was originally designed to honor our first president, George Washington, and was celebrated on his birthday, Feb. 12. In an effort to give the public more leisure time, in 1971, President Richard Nixon officially designated certain federal holidays to be celebrated on Mondays. This included President Washington’s. Since it no longer ... (click for more)

Roy Exum: Believe In Harbingers?

A harbinger, we have been taught, is “something that foreshadows a future event,” or “something that gives an anticipatory sign of what is to come.” Last week in Connecticut, the families of three high school athletes – all female – filed a lawsuit against the Connecticut Interscholastic Athletic Conference. The lawsuit claims a current CIAC policy is a violation of the federal ... (click for more)